Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: 4.3
Article rating: No rating
Article rating: 2.0
Article rating: 1.5
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating


Centre working on long-term solution to fuel prices: Pradhan

Author: IANS/Friday, May 25, 2018/Categories: Oil & Gas

Centre working on long-term solution to fuel prices: Pradhan

Bhubaneswar - Union Petroleum Minister Dharmendra Pradhan on May 24 said the government is working on a long-term solution to contain rise in prices of petroleum products in the country.

"Goods and Service Tax (GST) is one way being looked into to ease the situation. Besides, many other options are being explored for both short- and long-term solutions," Pradhan said.

He said there were several reasons contributing to petrol and diesel price rise including the uncertain political conditions in oil exploring countries and the international market.

"Some of them include fluctuations in international market and depreciation of Indian rupees against the US dollars. The Centre is working out a plan to control the increase in fuel prices," he added.

Pradhan also asked the Odisha government to cut its 26% Value Added Tax (VAT) on fuel to bring the rising petrol and diesel prices under control.

"Both Centre and state have roles in controlling fuel price. In October last year, the Centre cut excise duty by Rs 2. Now it is the turn of the state government to cut the VAT it is collecting on fuel. If Odisha cuts its VAT like Goa, the price will come down," said the Minister.

While Odisha was collecting 26% VAT on fuel, Goa was taking only 12%, he added.

Reacting to the statement of the Petroleum Minister, Odisha Finance Minister Sashi Bhushan Behera said he was trying to hide his inefficiency to control the hike in fuel prices.

"In Odisha, only 26% VAT on fuel is being collected which is among lowest in the country. The Centre's excise tax is much more than the state's tax. The Union Minister is making such statements only to shrug off his responsibility," said Behera.

The ruling Biju Janata Dal (BJD) has decided to stage demonstrations across Odisha for three days against the steep rise in fuel prices. The party would stage sit-ins in all 314 blocks from May 28 to 30, said party General Secretary Sanjay Das Burma.

Congress activists, on the other hand, staged a demonstration on Thursday at different filling stations in Cuttack protesting against the fuel price hike.

Print Rate this article:
No rating

Number of views (225)/Comments (0)

rajyashree guha


Other posts by IANS
Contact author

Leave a comment

Add comment



Ask the Finapolis.

I'm not a robot
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest



The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free